Can I purchase a car following Chapter 7 bankruptcy? Advertiser Disclosure Advertiser Disclosure We are an independent, advertising-supported comparison service. Our mission is to help you make better financial decisions by offering interactive tools and financial calculators that provide objective and original content. We also allow users to conduct research and compare information at no cost and help you make sound financial decisions. Bankrate has agreements with issuers such as, but not restricted to, American Express, Bank of America, Capital One, Chase, Citi and Discover. How We Make Money The deals that are displayed on this site come from companies that compensate us. This compensation could affect how and when products are featured on this site, including the order in which they may appear in the listing categories and other categories, unless prohibited by law for our mortgage, home equity, and other home lending products. This compensation, however, does not influence the content we publish or the reviews that appear on this website. We do not cover the universe of companies or financial offerings that could be accessible to you. Share: Maskot/Getty Images
2 minutes read published March 31, 2022
Jerry Brown Written Jerry Brown Written by Contributing writer Jerry Brown is a contributing writer for Bankrate. Jerry writes about personal loans and automobile loans and debt management. The article was edited by Rhys Subitch Edited by Auto loans editor Rhys has been editing and writing for Bankrate since late 2021. They are passionate about helping readers gain confidence to control their finances with clear, well-researched information that breaks down otherwise complicated subjects into digestible pieces. The Bankrate promises
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We are compensated in exchange for placement of sponsored products andservices or by you clicking on certain links posted on our site. This compensation could impact how, where and when products are displayed within the categories of listing, except where prohibited by law. This is the case for our mortgage, home equity and other home loan products. Other elements, like our own proprietary website rules and whether the product is available within the area you reside in or is within your own personal credit score could also affect the way and place products are listed on this website. Although we try to offer the most diverse selection of products, Bankrate does not include information about each credit or financial product or service. After you go through Chapter 7 bankruptcy, it will remain on your credit file for up to 10 years following the filing date. In this time, you might require a car. While it's more challenging, you can obtain a car loan in the event of bankruptcy. To offset the higher risk that comes with bankruptcy, a lender might offer a greater interest rate or ask for a larger down amount. Should I purchase a vehicle following bankruptcy? The answer to this question is contingent on your financial situation and the transportation requirements. Affordability: Any car you buy must be within your budget. Ensure that it is by , not just the cost of the car. Your current transportation If you already have reliable transportation, it could be best to hold off from buying a vehicle. Your interest rate will likely be lower than you would like in the event that bankruptcy remains showing on your credit report. Cash: Avoiding the auto loan before bankruptcy is off your record may be the best option. With cash, you can avoid the loan entirely. Three methods to finance a car using an auto loan following bankruptcy If you are trying to finance your car using an auto loan after bankruptcy, you might have more difficulty in finding a lender Some will not be willing to collaborate with you. Once you have found an lender willing to let you take out a loan, you likely won't qualify for the . 1. Pay-here and Buy-here dealerships an online search you could find buy-here and pay-here dealers which don't need credit checks. Even though these dealerships can cooperate with you if you went through bankruptcy, you could end up paying more than the vehicle is worth. Before you decide to go through this process, do your research and inquire about hidden fees. 2. Credit unions If your credit union is a member, you may be able to apply for an auto loan at a credit union. Because credit unions are non-profit, member-owned organizations which means you'll have more chances of securing financing. Plus, you might get an interest rate that is lower. 3. Co-signer If those options don't work, an alternative would be to find an individual with excellent to good credit to co-sign an auto loan on your behalf. Before going this route, explain to the person . If you fail to pay your loan the co-signer would be responsible for the payments, and it could negatively impact their credit. When to purchase a car depends on your finances Although the ideal time to buy your vehicle varies based on your financial situation and your personal situation, it is the time when you'll get the best deal and interest rate. Waiting to see if your credit is improved to purchase a vehicle could lower the interest rate a lender offers you. However, if you aren't waiting and require a vehicle now, you should look for the lowest price. Due to the epidemic, some car manufacturers were forced to shut down their facilities for months and saw inventory and sales decline. If you're in need of car, you may want to to circumvent the shortage of new cars. However, be sure to do your research and don't buy a car you can't afford. The bottom line is that while you can purchase a car following bankruptcy, you should expect to pay more interest if you take out the loan. Although you wait for your credit rating to increase could reduce your interest rate however, it's not always feasible. Research all of your lending options prior to taking out the loan. Take advantage of available dealer discounts and avoid dealerships that charge additional fees. Learn more:
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Written by Contributing writer Jerry Brown is a contributing writer for Bankrate. Jerry writes about personal loans, Auto loans and debt management. The article was edited by Rhys Subitch Edited by Auto loans editor Rhys has been writing and editing for Bankrate from late 2021. They are passionate about helping readers gain confidence to take control of their finances through providing clear, well-researched information that breaks down complex topics into manageable bites.
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